Reported Earnings • May 31
First quarter 2026 earnings released: zł0.05 loss per share (vs zł0.25 profit in 1Q 2025) First quarter 2026 results: zł0.05 loss per share (down from zł0.25 profit in 1Q 2025). Revenue: zł28.1m (down 2.9% from 1Q 2025). Net loss: zł1.02m (down 121% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: zł2.73 (vs zł1.09 in FY 2024) Full year 2025 results: EPS: zł2.73 (up from zł1.09 in FY 2024). Revenue: zł149.3m (up 68% from FY 2024). Net income: zł52.7m (up 150% from FY 2024). Profit margin: 35% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 02
Third quarter 2025 earnings released: EPS: zł1.84 (vs zł0.054 in 3Q 2024) Third quarter 2025 results: EPS: zł1.84 (up from zł0.054 in 3Q 2024). Revenue: zł64.2m (up 270% from 3Q 2024). Net income: zł35.5m (up zł34.5m from 3Q 2024). Profit margin: 55% (up from 6.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 22
Bloober Team SA to Report First Half, 2025 Results on Sep 23, 2025 Bloober Team SA announced that they will report first half, 2025 results on Sep 23, 2025 Reported Earnings • May 31
First quarter 2025 earnings released: EPS: zł0.25 (vs zł0.80 in 1Q 2024) First quarter 2025 results: EPS: zł0.25 (down from zł0.80 in 1Q 2024). Revenue: zł28.9m (down 32% from 1Q 2024). Net income: zł4.82m (down 69% from 1Q 2024). Profit margin: 17% (down from 37% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Aankondiging • May 21
Bloober Team SA, Annual General Meeting, Jun 16, 2025 Bloober Team SA, Annual General Meeting, Jun 16, 2025. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.8% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Buy Or Sell Opportunity • Apr 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to zł29.90. The fair value is estimated to be zł24.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to zł22.90. The fair value is estimated to be zł28.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.05 (vs zł0.21 in 3Q 2023) Third quarter 2024 results: EPS: zł0.05 (down from zł0.21 in 3Q 2023). Revenue: zł17.3m (down 24% from 3Q 2023). Net income: zł1.04m (down 74% from 3Q 2023). Profit margin: 6.0% (down from 18% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł26.00, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total returns to shareholders of 13% over the past three years. New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (11% net profit margin). Aankondiging • May 31
Bloober Team SA, Annual General Meeting, Jun 27, 2024 Bloober Team SA, Annual General Meeting, Jun 27, 2024. Aankondiging • Apr 26
Bloober Games and Konon Plan to Announce Release Date of Silent Hill 2 in Following Months Bloober Team and Konami will announce the release date and the platforms on which the remake of the game Silent Hill 2 will appear in the following months in marketing materials. The company's series project based on the game The Medium is in pre-production. Babieno indicated that the company's publishing offensive is to be launched with a remake of the Silent Hill 2 game, co-developed with Konami. Konami had communicated that the game would be released in 2024. The company is also continuing work on a live-action project based on the game The Medium. The series is being developed in collaboration with Platige Image. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł25.20, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total returns to shareholders of 34% over the past three years. New Risk • Nov 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 30% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł25.5m (up 70% from 2Q 2022). Net income: zł736.0k (down 80% from 2Q 2022). Profit margin: 2.9% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł30.5m (up 78% from 1Q 2022). Net income: zł6.90m (up 35% from 1Q 2022). Profit margin: 23% (down from 30% in 1Q 2022). The decrease in margin was driven by higher expenses. Aankondiging • May 09
Bloober Team SA, Annual General Meeting, Jun 13, 2023 Bloober Team SA, Annual General Meeting, Jun 13, 2023, at 10:00 Central European Standard Time. Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: zł61.1m (down 22% from FY 2021). Net income: zł16.5m (down 21% from FY 2021). Profit margin: 27% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł20.6m (up 26% from 3Q 2021). Net income: zł9.75m (up 163% from 3Q 2021). Profit margin: 47% (up from 23% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 24% share price gain to zł20.50, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 12x in the Entertainment industry in Poland. Total returns to shareholders of 230% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: zł0.29 (down from zł0.34 in 1Q 2021). Revenue: zł17.1m (down 15% from 1Q 2021). Net income: zł5.11m (down 15% from 1Q 2021). Profit margin: 30% (in line with 1Q 2021). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 61%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł14.26, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 15x in the Entertainment industry in Poland. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to zł17.10, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 19x in the Entertainment industry in Poland. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł14.50, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 19x in the Entertainment industry in Poland. Total returns to shareholders of 287% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł16.4m (up 251% from 3Q 2020). Net income: zł3.70m (up zł3.21m from 3Q 2020). Profit margin: 23% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year whereas the company’s share price has increased by 73% per year. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 17% share price gain to zł23.70, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 27x in the Entertainment industry in Poland. Total returns to shareholders of 618% over the past three years. Reported Earnings • Aug 19
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: zł23.3m (up 178% from 2Q 2020). Net income: zł8.22m (up 40% from 2Q 2020). Profit margin: 35% (down from 70% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorated over the past week After last week's 90% share price decline to zł19.34, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 38x in the Entertainment industry in Poland. Total loss to shareholders of 60% over the past three years. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS zł6.24 (vs zł1.76 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł31.8m (up 66% from FY 2019). Net income: zł11.0m (up 255% from FY 2019). Profit margin: 35% (up from 16% in FY 2019). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 14
New 90-day high: zł215 The company is up 28% from its price of zł167 on 16 October 2020. The Polish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 23% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: zł200 The company is up 16% from its price of zł173 on 23 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 27% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: zł192 The company is up 5.0% from its price of zł183 on 04 September 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 19% share price gain to zł178, the stock is trading at a trailing P/E ratio of 41.7x, up from the previous P/E ratio of 34.9x. This compares to an average P/E of 37x in the Entertainment industry in Poland. Total returns to shareholders over the past three years are 219%. Is New 90 Day High Low • Oct 30
New 90-day low: zł140 The company is down 26% from its price of zł189 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 9.0% over the same period. Valuation Update With 7 Day Price Move • Oct 22
Market pulls back on stock over the past week After last week's 15% share price decline to zł141, the stock is trading at a trailing P/E ratio of 24.5x, down from the previous P/E ratio of 28.8x. This compares to an average P/E of 35x in the Entertainment industry in Poland. Total returns to shareholders over the past three years are 201%. Is New 90 Day High Low • Oct 10
New 90-day low: zł167 The company is down 21% from its price of zł212 on 10 July 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is flat over the same period.